Investor Alert

June 27, 2017, 3:16 a.m. EDT

Stada: Takeover by Bain, Cinven has failed

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By Ulrike Dauer

FRANKFURT--Germany's Stada Arzneimittel AG (SAZ.XE) said late Monday, a takeover offer by financial investors Bain Capital and Cinven valuing the company at EUR5.3 billion ($5.9 billion ) wasn't successful as shareholders didn't tender enough shares to reach the minimum acceptance required for the offer to go through.

By 2200 GMT on June 22, the end of the voluntary tender offer, 65.52% of the oustanding Stada shares, or around 40.8 million shares, were tendered. This was less than the 67.5% minimum required, the generic drug maker said.

The offer was for EUR66 a share.

Stada had lowered the minimum acceptance level to 67.5% on June 7 from the previous 75%, to enhance the offer's chance to go through.

Stada management had supported the Bain Capital-Cinven offer, which it preferred over a separate, competing offer by Advent and Permira. The Bain-Cinven offer valued Stada at EUR5.3 billion including debt.

With the Bain-Cinven deal falling through, other investors could now come forward with fresh bids.

Stada shares traded 6.5% lower at EUR57.25 in pre-market trading.

Stada confirmed full-year and mid-term targets. It will comment further in a media call at 0800 GMT.

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